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Rick Company's Beginning Inventory and Purchases During the Fiscal Year

Question 24

Essay

Rick Company's beginning inventory and purchases during the fiscal year ended December 31, 2012 were as follows: (NOTE: The company uses a perpetual system of inventory.)
Rick Company's beginning inventory and purchases during the fiscal year ended December 31, 2012 were as follows: (NOTE: The company uses a perpetual system of inventory.) What is the cost of goods sold for Rick Company for 2012 using FIFO showing detailed calculations.
What is the cost of goods sold for Rick Company for 2012 using FIFO showing detailed calculations.

Correct Answer:

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$2,061
Calculations:
A. Sold 13 out of t...

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